Oil prices are drifting lower Thursday on a stronger dollar and an unexpected increase in U.S. crude inventories. The fall comes after a rally in recent sessions fueled by production outages in Africa and Canada. Production declines across the globe that have propelled expectations of shrinking the global oversupply, but many countries are still pumping at a near-record pace and keeping stockpiles near record highs. Light, sweet crude for July delivery recently fell $1.18, or 2.5%, to $47.01 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, fell $1.32, or 2.7%, to $47.61 a barrel on ICE Futures Europe. Oil prices began their descent late on Wednesday after minutes of the Federal Reserve’s April meeting indicated that the central bank could raise U.S. interest rates as early as next month. Higher rates tend to push up the value of the dollar, because it becomes more attractive […]